The Indian gold ETFs saw net outflows of 0.6t during the month. The total gold ETF holdings reduced to 38.6t.
SEATTLE (Scrap Monster): The World Gold Council published India Gold Market Report for the month of November 2022.
According to the report, retail demand in India remained soft during the month. This resulted in gold prices trading at a discount for most part of the month, after reporting premium during the initial month. The international gold prices surged higher by 7.4%, whereas the domestic gold prices increased by 4.8%. The local currency appreciated against dollar for the first time in 2022.
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Mukesh Kumar, Senior Analyst, India World Gold Council noted that official gold imports by the country registered decline during November. The Reserve Bank of India (RBI) did not make any gold purchases during the month. The central bank gold reserves thus remained unchanged at 786.3t. The RBI gold reserves accounted for 8% of the country’s total FX reserves.
The Indian gold ETFs saw net outflows of 0.6t during the month. The total gold ETF holdings reduced to 38.6t.
Looking ahead, WGC expects retail demand to slow down from mid-December to mid-January. The retail demand will continue to face headwinds due to higher gold price. However an easing down of inflation is likely to boost spending on gold.
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